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Business P4

In: Business and Management

Submitted By user2016
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Pages 9
Prepare a realistic initial plan for a business idea suitable for the local area.
You need to prepare a realistic initial plan for a business idea suitable for the local area. This must include an individual rationale with supporting evidence. The supporting evidence will show appropriate research and detail and be appropriate for the local area.
1. Research possible gaps in the market.
Give a list of the types of businesses that exist in the local area.
Try and detail three services that are not currently offered in the local area that you think will be a success

Businesses In The Area Businesses Not In The Local Area
Coffee Shops (Costa, Café Nero, Starbucks) Juice Bars
Restaurants (Prezzo, Urban Kitchen, Pizza Express) Salons (Waxing’s and Nails)
Clothes Shops (Jack Wills, Fat Face, White Stuff) Larger Chain Stores (Topshop, Next, New Look)
Home Shops (Home Living, The Shed, The Lemon Tree) Estate Agents
Take-Away Shops (Pizza Hut, Papa Johns) Electrical Shops (PC World, Curry’s, Apple)
Super-Markets (Morrison’s, M&S) Furniture Shops (IKEA)
Hairdressers (RUSH) Jewellery Shops (Samuels)

2. Select a possible good or service:
Features of your product; briefly explain what your product or service is going to be.
My business is going to be a juice bar. The customer can choose their fruits/ingredients you put into the juice. The drink can be ordered to be take away or drink in.
Trends in demand; what are the popular goods and services that people are buying at the moment.

Population changes; compare how big the population was in 1990 to now.
In 1990 the population was 5,278,639,789. Compared to now the population is 7,303,708,210. That is an increase off 2025068421. The current population of Reigate is 137,800.
Location of competitors; where are similar businesses located.

Market observation/research.
The Juice and Smoothie Bars...

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